India, April 10, 2024: India’s remarkable strides in the Web3 arena have once again garnered global attention, with the release of the second edition of Hashed Emergent’s report, ‘India’s Web3 Landscape 2023’. The report unveils a thriving ecosystem, showcasing over 1,000 startups and hosting an impressive 12% of the world’s Web3 developers.
India’s Web3 Landscape Shines Bright: Insights from Hashed Emergent Report
Steadfast Growth Amidst Investment Dip
Despite a slight dip in investment figures for 2023, totaling $250 million, the number of deals remains robust, underscoring sustained enthusiasm for early-stage Web3 ventures. Collaboratively crafted by Hashed Emergent and esteemed partners including KPMG in India, Devfolio, Coinswitch, and Kratos Gaming Network (KGen), the report provides a comprehensive overview of India’s journey towards global Web3 prominence.
Tak Lee’s Optimistic Outlook
Tak Lee, CEO of Hashed Emergent, commended India’s monumental progress in Web3 adoption, attributing it to a conducive environment fueled by a robust economy, skilled tech talent, and favorable demographics. Lee stressed the importance of continued regulatory evolution to unleash the sector’s full potential, emphasizing the need for “further positive regulatory developments.”
Surge in Funding Across Key Sectors
While investment witnessed a downturn, sectors such as finance, entertainment, and infrastructure within the Web3 realm have experienced a surge in funding. Industry giants like Eros, Infosys, and Shemaroo have actively participated in the ecosystem, signaling growing corporate interest and investment in Web3 ventures. Additionally, governmental initiatives leveraging blockchain technology underscore a concerted effort towards embracing innovation.
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Blockchain’s Transformative Potential
Krishna Tyagi, Head of Web3 at KPMG India, hailed blockchain’s transformative potential across diverse sectors, positioning it as a global opportunity for Indian businesses and tech talent. Tyagi emphasized KPMG’s commitment to innovation and ecosystem development, aiming to help clients leverage the power of blockchains effectively.
Crypto Adoption and Gaming Landscape
India’s increasing embrace of crypto as an asset class has propelled it to the forefront of on-chain adoption globally. With a burgeoning P2P trading volume and millions of trading accounts on domestic exchanges, India’s crypto landscape reflects robust growth. The report also highlights the evolving gaming landscape, with a significant portion of Web3 gamers engaging in NFTs and tokens acquisition, signaling promising growth potential.
A Promising Future Ahead
As India cements its position as a frontrunner in the global Web3 arena, the future holds immense promise. With continued innovation, regulatory support, and collaborative efforts, India is poised to shape the trajectory of Web3 technology on a global scale, driving forward the digital revolution with resilience and ingenuity.
